The Council and EY conducted a survey of stakeholders to examine current industry trends and challenges they face. The outcome is a rich analysis of how each group is addressing pressure points such as evolving customer preferences and digital transformation; systemic risks, including environmental, social, and governance (ESG); premium pricing; overall macroeconomic conditions; and geopolitical risk.
“This study was unique in that we’ve never had the opportunity to compare investment strategies, business priorities and industry perceptions from these three cohorts side-by-side,” said Ken A. Crerar, President/CEO of The Council. “As we continue to navigate challenges resulting from the pandemic, this research from The Council and EY can act as a springboard for brokers, carriers and policyholders to level set on expectations and have deeper, more productive conversations about the future.”
Findings from The State of Commercial Insurance report include:
- Alignment among groups in the areas of tech investment, talent development, cyber and other systemic risks, and hard market response
- Inconsistencies in respondents’ views related to ESG implementation, key investment areas and ROI perception, assessment of innovation progress, and progress in addressing systemic risks
- Opportunities for brokers to differentiate themselves in a “post-pandemic” business environment
“EY and The Council leveraged our collective industry knowledge and longstanding business relationships to gather candid, accurate feedback from carriers and brokers with significant market share,” said Laura Hollerich, EY Americas Insurance Distribution Leader. “There are so many more topics to explore in the area of commercial insurance brokerage, and we’re excited to offer more insights in the future as the industry continues to grow and evolve.”
Respondents of the online survey represent 47% of carriers from the top 20 insurers and 42% from the top 50 based on asset size; 55% of the top 20 U.S. brokers and 30% from the top 50; and 35% of the top 20 international brokers.